1.  If an owner of a project intends to maintain an affordability restriction on a project after the expiration of the affordability restriction, the owner must:

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(a) Provide written notice to the Division not less than 12 months before the expiration of the affordability restriction that the owner will voluntarily maintain the affordability restriction after the date of expiration; and

(b) Submit an annual report to the Division for as long as the owner voluntarily maintains the affordability restriction on the project. The annual report must include, without limitation, the number of dwelling units in the project on which the owner has voluntarily maintained the affordability restriction.

2.  The owner of a project that has voluntarily maintained an affordability restriction on a project must provide written notice at least 12 months before ending the affordability restriction to:

(a) The governing body of each county and, if applicable, city within which some or all of the project is located.

(b) The Division. Upon receipt of such notice, the Division shall provide written notice to each owner who has an ownership interest in a qualified low-income housing project in this State.

(c) Each tenant of the affected project.

3.  The written notice required to be provided to a tenant of the project pursuant to subsection 2 must include, without limitation:

(a) The number of dwelling units affected by the owner ending the affordability restriction;

(b) The anticipated date that the affordability restriction will end;

(c) A statement that the written notice is not a notice to vacate the dwelling unit and that the tenant is not required to vacate the dwelling unit;

(d) A description of the effects of ending the affordability restriction on the lease and future rent of the tenant;

(e) A description of the protections for tenants and resources for relocation set forth in the program pursuant to which the affordability restriction is expiring;

(f) A description of the protections for tenants and the resources for relocation set forth in chapters 118, 118A and 118B of NRS;

(g) A description of the resources for housing assistance in the local community; and

(h) The contact information of the owner of the project.

4.  The written notice required to be provided to the governing body of each applicable county and city, the Division and each owner who has an ownership interest in a qualified low-income housing project pursuant to subsection 2 must include, without limitation:

(a) The number of dwelling units that will be affected by the expiration;

(b) The anticipated date that the affordability restriction will end;

(c) Information regarding the disposition of the project after the ending of the affordability restriction, including, without limitation:

(1) Whether the owner intends to make the project available for purchase; and

(2) If applicable, the time frame for the submission of offers to purchase the project;

(d) An identification of whether the owner receives a property tax exemption for the project pursuant to NRS 361.082 and whether the owner intends to maintain the exemption ending the affordability restriction; and

(e) The contact information of the owner of the project.

5.  The Division may adopt regulations to carry out the provisions of this section.